Brian Krzanich addresses the media during a news conference in Vietnam in 2006. / David Longstreath, AP

by Brett Molina, USA TODAY

by Brett Molina, USA TODAY

Intel has named Brian Krzanich as its next chief executive officer, as the company navigates a difficult PC market overtaken by mobile devices.

Krzanich, who worked as Intel's chief operating officer since January, will assume the CEO role at the company's annual stockholders' meeting on May 16. He replaces Paul Otellini, a 40-year Intel veteran and its CEO since 2005.

"Brian is a strong leader with a passion for technology and deep understanding of the business," says Intel Chairman Andy Bryant in a statement. "His track record of execution and strategic leadership, combined with his open-minded approach to problem solving has earned him the respect of employees, customers and partners worldwide. He has the right combination of knowledge, depth and experience to lead the company during this period of rapid technology and industry change."

"I look forward to working with our leadership team and employees worldwide to continue our proud legacy, while moving even faster into ultra-mobility, to lead Intel into the next era," said Krzanich, who started at Intel in 1982.

The move culminates a six-month transition period started last November when Otellini announced his retirement.

Krzanich's promotion arrives as PC companies such as Intel, Microsoft and Hewlett-Packard shift focus from the struggling PC market to the booming tablet and smartphone space.